The Baltic Exchange’s dry bulk sea freight index recovery stalled at weeks end, though it was up for the fourth straight week. However, with turmoil in financial markets globally the BDI fell Thursday and Friday. On Friday, falling 1.6% to 1,535 points with lower demand for its larger vessel segments. The BDI rose about 7.8% for the week. The capesize index, which tracks iron ore and coal cargos of 150,000 tonnes, declined for the third day, slipping 3.2% to 1,913 … Continue reading “TC Trade Monitor: Baltic Dry Index Rebound Stalls as Financial Angst Hits Freight”
Iron Ore Hits Nine Month Highs With China Reopening Pressures
Benchmark iron ore prices based on cargoes with a 63.5% iron ore content for delivery into Tianjin popped to $134.5 per tonne, the highest in nine months. The move has taken back losses from a volatile 2022 with macroeconomic headwinds and low demand for steel-making ingredients. Since the reversal of zero COVID policy we have seen short covering and outright buying of iron ore futures on hopes of stronger demand from China amid its economic reopening. During its National People’s … Continue reading “Iron Ore Hits Nine Month Highs With China Reopening Pressures”
TC Trade Monitor: Baltic Dry Freight Index Slingshot Rebound Continues for Third Straight Week
The Baltic Exchange’s dry bulk sea freight index slingshot recovery continued this week, up for the third straight week, spurred on by higher rates for all vessel segments. The biggest boost came from the capesize sector as its 5TC of spot-rate averages shot up about 46% for the week, its third in a row. The BDI rose about 17.6% for the week, up 45 points, or about 3.3% Friday, at 1,424, the highest since late-December 2022. Pressure is coming from … Continue reading “TC Trade Monitor: Baltic Dry Freight Index Slingshot Rebound Continues for Third Straight Week”
TC Trade Monitor: Baltic Dry Bulk Sea Freight Rises 37.2% for Week, up 11 Days Straight
The Baltic Exchange’s dry bulk sea freight index slingshot recovery continued this week, up for the 11th straight session on Friday by 5.8% to a two-month high of 1,211 points. The BDI rose about 37.2% for the week, its second straight weekly rise. Pressure is coming from the re-opening of China and PMI reports indicating the Chinese manufacturing sector is returning strongly. The BDI was over the 1,000-point threshold for the first time since early January with ease. The biggest … Continue reading “TC Trade Monitor: Baltic Dry Bulk Sea Freight Rises 37.2% for Week, up 11 Days Straight”
TC Trade Monitor: Brazilian and Australian Iron Ore Shipments Help Baltic Dry Bulk Sea Freight Index Up 64% in a Week
The Baltic Exchange’s dry bulk sea freight index has been cascading lower, however with China reopening after the Luna New Year it has slingshot higher. Rates for all vessel segments rebounded from their multi-year lows, led by capesizes. The BDI rose 64% over the past seven days to 883 points on Friday, its highest level in five weeks. Shipments of Brazilian and Australian iron ore climbed, according to market observers. Capesize bulkers saw the greatest improvement over the week, as … Continue reading “TC Trade Monitor: Brazilian and Australian Iron Ore Shipments Help Baltic Dry Bulk Sea Freight Index Up 64% in a Week”
TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Falls Another 10.5% in Seventh Straight Weekly Fall
The Baltic Exchange’s dry bulk sea freight index fell for the seventh straight week down 10.6%, though it did bounce 1.5% to 538 Friday. The index saw a near three year low of 530 this past week. That puts the BDI down 91% versus October 2021. Gains were in the supramax index which advanced for the fourth day Friday, surging 5.3% to 695 points, on its best day in over a year. The capesize index was down for the fourth … Continue reading “TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Falls Another 10.5% in Seventh Straight Weekly Fall”
TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Falls Sixth Straight Week, Capesize Bounces 13.3%
The Baltic Exchange’s dry bulk sea freight index fell for the sixth straight week down 3.1% to 602, though it did bounce 10 points, or 1.7%, to 602 Friday. The index saw a two and half year low of 592 this past week. The panamax index fell to 840 down 8.1% for the week, marking its sixth straight weekly fall. The capesize index gained 34 points, or 7.5%, at 486 Friday to finish up 13.3% for the week, its first … Continue reading “TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Falls Sixth Straight Week, Capesize Bounces 13.3%”
TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Slides to Two and a Half Year Low
The Baltic Exchange’s dry bulk sea freight index fell on Friday for the fifth straight week on Friday, down 8.1% for the week to 621, its lowest since mid-June 2020. The three bulker smaller than capesizes; panamaxes, supramaxes and handysizes all fell again. The panamax index fell to 940, its lowest since June 15, 2020, down 10.8% for the week. The capesize index fell to an over five-month low at 429, down 20% for the week, also its fifth straight … Continue reading “TC Trade Monitor: Baltic Exchange’s Dry Bulk Sea Freight Index Slides to Two and a Half Year Low”
Standard & Poor’s Affirm Australia’s AAA Rating with a Stable Outlook.
The ratings agency S&P Global Ratings reaffirmed its AAA long-term sovereign credit rating and A-1+ short-term rating for Australia. S&P issued a note saying Australia should avoid a recession amid record low unemployment and elevated commodity prices, even as the economy slows this year amid higher interest rates. The RBA is expected to announce another 25 basis point increase in the official cash rate after its board meeting next Tuesday. S&P said Australia’s ratings were supported by “strong institutions, which … Continue reading “Standard & Poor’s Affirm Australia’s AAA Rating with a Stable Outlook.”
Baltic Exchange’s Dry Bulk Sea Freight Index Plunge Continues on Subdued Demand
The Baltic Exchange’s dry bulk sea freight index fell on Friday for the ninth straight session, down 11.4% for the week, notching its fifth consecutive weekly decline. The three bulker smaller than capesizes; panamaxes, supramaxes and handysizes all fell again. A seasonal slowdown of cargo movement ahead of the Chinese New Year continues to subdue demand. Ocean freight rates are under pressure to start 2023, with the Baltic Dry Index (BDI) dipping to its lowest level since June 2020 as … Continue reading “Baltic Exchange’s Dry Bulk Sea Freight Index Plunge Continues on Subdued Demand”